FRI vs. DLR

Last updated Jun 23, 2026

FRI (First Trust S&P REIT Index Fund) is REIT fund tracking the S&P United States REIT, while DLR (Digital Realty Trust, Inc.) is a stock. Over the past 10 years, FRI returned 5.79%/yr vs 10.28%/yr for DLR. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

FRI vs. DLR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust S&P REIT Index Fund (FRI) and Digital Realty Trust, Inc. (DLR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FRI achieves a 15.15% return, which is significantly lower than DLR's 28.10% return. Over the past 10 years, FRI has underperformed DLR with an annualized return of 5.79%, while DLR has yielded a comparatively higher 10.28% annualized return.

FRI

• 1D: 1.21%
• 1M: 0.21%
• YTD: 15.15%
• 6M: 15.28%
• 1Y: 17.73%
• 3Y*: 13.10%
• 5Y*: 4.83%
• 10Y*: 5.79%

DLR

• 1D: 3.93%
• 1M: 2.51%
• YTD: 28.10%
• 6M: 29.10%
• 1Y: 14.69%
• 3Y*: 27.26%
• 5Y*: 8.83%
• 10Y*: 10.28%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FRI vs. DLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FRI First Trust S&P REIT Index Fund	15.15%	2.80%	7.84%	13.33%	-24.66%	42.55%	-7.90%	23.67%	-4.28%	3.86%
DLR Digital Realty Trust, Inc.	28.10%	-10.07%	35.90%	39.95%	-41.00%	30.66%	20.37%	16.52%	-3.00%	19.80%

Correlation

The correlation between FRI and DLR is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.60
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 10, 2007	0.65

The correlation between FRI and DLR shifts across timeframes, from 0.51 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FRI vs. DLR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FRI

FRI Risk / Return Rank: 40
FRI Sharpe Ratio Rank: 38
FRI Sortino Ratio Rank: 35
FRI Omega Ratio Rank: 35
FRI Calmar Ratio Rank: 49
FRI Martin Ratio Rank: 46

DLR

DLR Risk / Return Rank: 60
DLR Sharpe Ratio Rank: 63
DLR Sortino Ratio Rank: 57
DLR Omega Ratio Rank: 54
DLR Calmar Ratio Rank: 61
DLR Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FRI vs. DLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust S&P REIT Index Fund (FRI) and Digital Realty Trust, Inc. (DLR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FRI	DLR	Difference
Sharpe ratio: Return per unit of total volatility	1.31	0.63	+0.67
Sortino ratio: Return per unit of downside risk	1.81	1.06	+0.75
Omega ratio: Gain probability vs. loss probability	1.23	1.12	+0.11
Calmar ratio: Return relative to maximum drawdown	2.35	0.88	+1.48
Martin ratio: Return relative to average drawdown	7.42	2.14	+5.28

FRI vs. DLR - Sharpe Ratio Comparison

The current FRI Sharpe Ratio is 1.31, which is higher than the DLR Sharpe Ratio of 0.63. The chart below compares the historical Sharpe Ratios of FRI and DLR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FRI vs. DLR - Drawdown Comparison

The maximum FRI drawdown since its inception was -71.95%, which is greater than DLR's maximum drawdown of -56.80%. Use the drawdown chart below to compare losses from any high point for FRI and DLR.

Drawdown Indicators

	FRI	DLR	Difference
Max Drawdown Largest peak-to-trough decline	-71.95%	-56.80%	-15.15%
Max Drawdown (1Y) Largest decline over 1 year	-7.57%	-16.83%	+9.26%
Max Drawdown (3Y) Largest decline over 3 years	-18.90%	-29.40%	+10.50%
Max Drawdown (5Y) Largest decline over 5 years	-31.21%	-48.52%	+17.31%
Max Drawdown (10Y) Largest decline over 10 years	-44.16%	-48.52%	+4.36%
Current Drawdown Current decline from peak	-1.59%	-3.47%	+1.88%
Average Drawdown Average peak-to-trough decline	-13.67%	-11.13%	-2.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.40%	6.89%	-4.49%

Volatility

FRI vs. DLR - Volatility Comparison

The current volatility for First Trust S&P REIT Index Fund (FRI) is 5.13%, while Digital Realty Trust, Inc. (DLR) has a volatility of 8.70%. This indicates that FRI experiences smaller price fluctuations and is considered to be less risky than DLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FRI	DLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.13%	8.70%	-3.57%
Volatility (6M) Calculated over the trailing 6-month period	9.93%	16.54%	-6.61%
Volatility (1Y) Calculated over the trailing 1-year period	13.67%	23.39%	-9.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.69%	28.67%	-9.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.10%	28.25%	-7.15%

Dividends

FRI vs. DLR - Dividend Comparison

FRI's dividend yield for the trailing twelve months is around 2.52%, which matches DLR's 2.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DLR Digital Realty Trust, Inc.	2.50%	3.15%	2.75%	3.63%	4.87%	2.62%	3.21%	3.61%	3.79%	3.27%	3.58%	4.50%
FRI First Trust S&P REIT Index Fund	2.52%	2.99%	3.33%	3.24%	2.52%	1.44%	3.08%	2.28%	3.21%	2.82%	3.27%	2.66%

Frequently Asked Questions

Can I hold both FRI and DLR in my portfolio?

FRI and DLR have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FRI or DLR?

DLR has higher volatility (8.70%) compared to FRI (5.13%). In terms of maximum drawdown, FRI dropped -71.95% vs DLR's -56.80%.

Which has better risk-adjusted returns?

FRI currently has the higher Sharpe Ratio (1.31 vs 0.63), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.